<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
NATIONAL
INSURED
TRUST 279
Estimated Current Return
5.99% to 6.23%
as of 10/11/94
Estimated Long Term Return
6.11% to 6.34%
100,000 units in a
diversified $10,000,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6710A3 258 Monthly Payment Option
6710A3 266 Quarterly Payment Option
6710A3 274 Semi-Annual Payment Option
Registered in all states
John Nuveen & Co. Incorporated
Investment Bankers
<TABLE>
<S> <C>
Chicago: Atlanta
333 W. Wacker Dr. Austin
Chicago, Illinois 60606 Boca Raton
Telephone: 312.917.7700 Boston
Columbus
New York: Dallas/Ft. Worth
Swiss Bank Tower Irvine
10 East 50th Street Philadelphia
New York, New York 10022 Phoenix
Telephone: 212.207.2000 San Francisco
Seattle
Tampa
Washington, D.C.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
NUVEEN TAX-EXEMPT UNIT TRUST--INSURED, NATIONAL INSURED TRUST 279
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT OCTOBER 12, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Optional -----------------------
Aggregate Name of Issuer and Title of Issue Represented Redemption Standard
Principal by Sponsor's Contracts to Purchase Bonds Provisions & Poor's Moody's
<C> <C> <S> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------------
$1,000,000 California Educational Facilities Authority, Revenue Bonds 2004 at 102 AAA Aaa
(Loyola Marymount University), Series 1994, 5.75% Due
10/1/24.
1,000,000 The City of Los Angeles, California, Wastewater System 2003 at 102 AAA Aaa
Revenue Bonds, Refunding Series 1993-A, 5.80% Due 6/1/21.
1,000,000 Metropolitan Pier and Exposition Authority (Illinois), 2003 at 102 AAA Aaa
McCormick Place Expansion Project Bonds, Series 1992A,
6.50% Due 6/15/27.
450,000 Metropolitan Pier and Exposition Authority (Illinois), 2004 at 102 AAA Aaa
McCormick Place Expansion Project Refunding Bonds, Series
1994A, 6.00% Due 6/15/27. (Original issue discount bonds
delivered on or about June 23, 1994 at a price of 93.881%
of principal amount.)
1,000,000 Illinois Development Finance Authority, Pollution Control 2004 at 102 AAA Aaa
Refunding Revenue Bonds, 1994 Series A (Illinois Power
Company Project), 5.70% Due 2/1/24.
1,000,000 Indiana Health Facility Financing Authority, Hospital 2003 at 102 AAA Aaa
Revenue Bonds, Series 1993 (Lafayette Home Hospital
Project), 6.00% Due 8/1/23.
625,000 Massachusetts Bay Transportation Authority, General 2003 at 102 AAA Aaa
Transportation System Bonds, 1993 Series A Refunding,
5.50% Due 3/1/22. (General Obligation Bonds.)
1,000,000 Metropolitan Transportation Authority, New York, Commuter 2004 at 101 AAA Aaa
Facilities Revenue Bonds, Series 1994A, 6.50% Due 7/1/24. 1/2
1,000,000 Harris County Health Facilities (Texas), Development 2004 at 101 AAA Aaa
Corporation Hospital Revenue Bonds (Hermann Hospital),
Series 1994, 6.375% Due 10/1/24.
1,000,000 Texas Health Facilities Development Corporation, Hospital 2003 at 102 AAA Aaa
Revenue Bonds (All Saints Episcopal Hospitals of Fort
Worth Project), Series 1993B, 6.25% Due 8/15/22.
925,000 Washington Public Power Supply System, Nuclear Project No. 1 2003 at 102 AAA Aaa
Refunding Revenue Bonds, Series 1993A, 5.70% Due 7/1/17.
----------
$10,000,000
----------
----------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION
Sales charge/volume discount applies on all concurrent purchases of any Nuveen
trust units. Estimated Current Return equals net income divided by offering
price. Estimated Long Term Return represents an average of the yields to
maturity (or call) of the Bonds in the Trust adjusted to reflect expenses and
sales charges.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Current Return (2)
-----------------------------------------------------
AMOUNT PURCHASED Public
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 96.99 5.99% 6.02% 6.04%
500-999 50,000-99,999 4.75 96.84 6.00 6.03 6.05
1,000-2,499 100,000-249,999 4.50 96.59 6.02 6.05 6.07
2,500-4,999 250,000-499,999 4.25 96.33 6.03 6.06 6.08
5,000-9,999 500,000-999,999 3.50 95.59 6.08 6.11 6.13
10,000-24,999 1,000,000-2,499,999 3.00 95.09 6.11 6.14 6.16
25,000-49,999 2,500,000-4,999,999 2.50 94.61 6.14 6.18 6.20
50,000 and over 5,000,000 and over 2.00 94.12 6.17 6.21 6.23
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Long Term Return (3)
-----------------------------------------------------
AMOUNT PURCHASED Public
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 96.99 6.11% 6.13% 6.15%
500-999 50,000-99,999 4.75 96.84 6.11 6.14 6.16
1,000-2,499 100,000-249,999 4.50 96.59 6.13 6.16 6.18
2,500-4,999 250,000-499,999 4.25 96.33 6.14 6.17 6.19
5,000-9,999 500,000-999,999 3.50 95.59 6.20 6.22 6.24
10,000-24,999 1,000,000-2,499,999 3.00 95.09 6.23 6.26 6.28
25,000-49,999 2,500,000-4,999,999 2.50 94.61 6.26 6.29 6.31
50,000 and over 5,000,000 and over 2.00 94.12 6.29 6.32 6.34
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(1) As of the business day prior to the Date of Deposit. Units are offered at
the Public Offering Price plus accrued interest.
(2) All figures as of the business day prior to Date of Deposit. The estimated
current return for purchases made on such date will be as shown, as long as
the portfolio size and composition remain the same.
(3) In contrast to Estimated Current Return, Estimated Long Term Return reflects
the amortization of premium or accretion of discount, if any, on the bonds
in the Trust's portfolio.
- --------------------------------------------------------------------------------
REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
- --------------------------------------------------------------------------------
INTEREST DISTRIBUTIONS TO UNITHOLDERS Unitholders may elect to have interest
distributions made on a monthly, quarterly, or semi-annual basis. Record Dates
are May 1 and November 1 for semi-annual distributions; February 1, May 1,
August 1 and November 1 for quarterly distributions; and the first of each month
for monthly distributions. Details of interest distributions per unit under the
various plans appear in the following table based upon estimated net annual
interest income at the Date of Deposit:
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Normal
Distributions
National Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 11/1 2/1 5/1 8/1
Distribution Date..................... 11/15 2/15 5/15 8/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .3064(1) $ 5.8104
-------- $.4839 every month --------
Quarterly Distribution Plan........... $ .3064(1) $ 1.4598(2) $ 1.4598 $ 1.4598 $ 5.8424
Semi-Annual Distribution Plan......... $ .3064(1) $ 2.9304(3) $ 5.8614
- --------------------------------------------------------------------------------------------------------------------
<FN>
* Record Dates for semi-annual distributions are May 1 and November 1; for quarterly distributions, they are February 1, May 1,
August 1 and November 1. Record Dates for monthly distributions are the first day of each month.
(1) The first distribution will be paid to all Unitholders, regardless of the distribution plan selected. Such distribution may
be more or less than a regular monthly distribution.
(2) Regular 3-month distribution.
(3) Regular 6-month distribution.
</TABLE>
+ Interest for Unitholders of this series began to accrue as of the Date of
Deposit. Units purchased on the Date of Deposit will have $.11 of accrued
interest that will be added to the Public Offering Price on the Settlement Date.
After provision for expenses of the Fund, the daily rate of accrual from the
Date of Deposit to the first Record Date is $.01613 per unit per day.
Consequently, on the first Record Date (11/01/94), accrued interest will total
$0.3064 per unit for the 19-day period. All interest accrued from the Date of
Deposit to the first Record Date, less expenses, will be distributed on the
first Distribution Date to Unitholders of Record as of the first Record Date.
The first payment to all Unitholders of Record on 11/01/94 is $.3064 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01613 Quarterly - $0.01622
Semi-Annual - $0.01628
This daily rate of accrual, and the annual distributions shown above, will
remain the same as long as the portfolio size and composition remain the same.
- --------------------------------------------------------------------------------
<PAGE>
- -------------------------------------------------
DIVERSIFICATION OF PORTFOLIO INCOME
There are 11 Tax-exempt bond issues in this trust; this diversified portfolio
yields current income from issuers in 7 states.
- -------------------------------------------------------
<TABLE>
<CAPTION>
Percent
of Total
Income
<S> <C> <C>
- ------------------------
%
California 19.2
Illinois 24.7
Indiana 10.0
Massachusetts 5.7
<CAPTION>
Percent
of Total
Income
- ------------------------
<S> <C> <C>
%
New York 10.8
Texas 20.9
Washington 8.7
</TABLE>
- -------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity
of portfolio bonds is 28.8 years. The first bond is scheduled to mature in July,
2017, with the last bond maturity being June, 2027.
- -------------------------------------------------
BONDS INSURED BY MBIA Each bond in this Nuveen Insured series has been
insured* by the Municipal Bond Investors Assurance Corporation, which guarantees
timely payments of principal and interest. Premium payments have been fully paid
by the Date of Deposit.
- -------------------------------------------------
CALL PROTECTION Bonds are first subject to optional redemption by the issuers
in the years and at the prices shown under the Redemption Provisions column in
the Schedule of Investments. Unless otherwise stated, in subsequent years, bonds
are redeemable at declining prices, but not usually below par value. Some issues
or some portions of issues may also be subject to sinking fund redemption or
extraordinary redemption without premium prior to the dates shown.
- -------------------------------------------------
UNITS OF THE TRUST ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED
BY, ANY BANK AND ARE NOT FEDERALLY INSURED OR OTHERWISE PROTECTED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY AND
INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.
- -------------------------------------------------
* Insurance relates specifically to the bonds and not to the units or to the
market value of units. Terms of the insurance are more fully described in the
prospectus. No representation is made as to the insurer's ability to meet its
commitments. See Section 5 of the prospectus for details.
- -------------------------------------------------------
FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES AND
EXPENSES, ON THIS NUVEEN TAX-EXEMPT UNIT TRUST AND ANY OTHER NUVEEN FUND, CALL
YOUR BROKER . . . OR NUVEEN AT
1-800-257-8787
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
757
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
ARIZONA
INSURED
TRUST 35
Estimated Current Return
5.64% to 5.86%
as of 10/11/94
Estimated Long Term Return
5.93% to 6.16%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67101J 345 Monthly Payment Option
67101J 352 Quarterly Payment Option
67101J 360 Semi-Annual Payment Option
Registered in Arizona
John Nuveen & Co. Incorporated
Investment Bankers
<TABLE>
<S> <C>
Chicago: Atlanta
333 W. Wacker Dr. Austin
Chicago, Illinois 60606 Boca Raton
Telephone: 312.917.7700 Boston
Columbus
New York: Dallas/Ft. Worth
Swiss Bank Tower Irvine
10 East 50th Street Philadelphia
New York, New York 10022 Phoenix
Telephone: 212.207.2000 San Francisco
Seattle
Tampa
Washington, D.C.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
NUVEEN TAX-EXEMPT UNIT TRUST--INSURED, ARIZONA INSURED TRUST 35
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT OCTOBER 12, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Optional -----------------------
Aggregate Name of Issuer and Title of Issue Represented Redemption Standard
Principal by Sponsor's Contracts to Purchase Bonds Provisions & Poor's Moody's
<C> <C> <S> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------------
$ 500,000 Arizona Health Facilities Authority, Samaritan Health 2003 at 102 AAA Aaa
System, Hospital System Revenue Refunding Bonds, Series
1993, 5.625% Due 12/1/15.
525,000 Navajo County, Arizona, Pollution Control Corporation, 2003 at 102 AAA Aaa
Pollution Control Revenue Refunding Bonds (Arizona Public
Service Company), 1993 Series A, 5.50% Due 8/15/28.
500,000 Navapache Hospital District of Navajo and Apache Counties, 2004 at 101 AAA Aaa
Arizona, Hospital Refunding Bonds, Series 1993, 5.40% Due
6/1/12. (General Obligation Bonds.)
250,000 City of Phoenix Civic Improvement Corporation (Arizona), 2004 at 102 AAA Aaa
Wastewater System Lease Revenue Refunding Bonds, Series
1993, 5.00% Due 7/1/18.
250,000 City of Phoenix, Arizona, Water System Revenue Refunding 2003 at 101 AAA Aaa
Bonds, Series 1993, 5.50% Due 7/1/22.
450,000 Salt River Project Agricultural Improvement and Power 2003 at 102 AAA Aaa
District, Arizona, Salt River Project Electric System
Refunding Revenue Bonds, 1993 Series B, 5.25% Due 1/1/11.
525,000 City of Tucson, Arizona, Water System Revenue Refunding 2002 at 102 AAA Aaa
Bonds, Series 1992A, 5.75% Due 7/1/18. (Original issue
discount bonds delivered on or about October 6, 1992 at a
price of 93.63% of principal amount.)
500,000 Commonwealth of Puerto Rico, Public Improvement Refunding 2003 at 100 AAA Aaa
Bonds, Series 1993 (General Obligation Bonds.), 5.00% Due
7/1/21. (Original issue discount bonds delivered on or
about July 15, 1993 at a price of 90.01% of principal
amount.)
----------
$3,500,000
----------
----------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION
Sales charge/volume discount applies on all concurrent purchases of any Nuveen
trust units. Estimated Current Return equals net income divided by offering
price. Estimated Long Term Return represents an average of the yields to
maturity (or call) of the Bonds in the Trust adjusted to reflect expenses and
sales charges.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Current Return (2)
-----------------------------------------------------
AMOUNT PURCHASED Public
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 91.79 5.64% 5.67% 5.69%
500-999 50,000-99,999 4.75 91.64 5.64 5.68 5.70
1,000-2,499 100,000-249,999 4.50 91.40 5.66 5.69 5.72
2,500-4,999 250,000-499,999 4.25 91.16 5.67 5.71 5.73
5,000-9,999 500,000-999,999 3.50 90.46 5.72 5.75 5.77
10,000-24,999 1,000,000-2,499,999 3.00 89.99 5.75 5.78 5.80
25,000-49,999 2,500,000-4,999,999 2.50 89.53 5.78 5.81 5.83
50,000 and over 5,000,000 and over 2.00 89.07 5.81 5.84 5.86
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Long Term Return (3)
-----------------------------------------------------
AMOUNT PURCHASED Public
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 91.79 5.93% 5.96% 5.98%
500-999 50,000-99,999 4.75 91.64 5.93 5.97 5.99
1,000-2,499 100,000-249,999 4.50 91.40 5.95 5.99 6.01
2,500-4,999 250,000-499,999 4.25 91.16 5.96 6.00 6.02
5,000-9,999 500,000-999,999 3.50 90.46 6.01 6.05 6.07
10,000-24,999 1,000,000-2,499,999 3.00 89.99 6.04 6.08 6.10
25,000-49,999 2,500,000-4,999,999 2.50 89.53 6.07 6.11 6.13
50,000 and over 5,000,000 and over 2.00 89.07 6.11 6.15 6.16
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(1) As of the business day prior to the Date of Deposit. Units are offered at
the Public Offering Price plus accrued interest.
(2) All figures as of the business day prior to Date of Deposit. The estimated
current return for purchases made on such date will be as shown, as long as
the portfolio size and composition remain the same.
(3) In contrast to Estimated Current Return, Estimated Long Term Return reflects
the amortization of premium or accretion of discount, if any, on the bonds
in the Trust's portfolio.
- --------------------------------------------------------------------------------
INTEREST DISTRIBUTIONS TO UNITHOLDERS Unitholders may elect to have interest
distributions made on a monthly, quarterly, or semi-annual basis. Record Dates
are May 1 and November 1 for semi-annual distributions; February 1, May 1,
August 1 and November 1 for quarterly distributions; and the first of each month
for monthly distributions. Details of interest distributions per unit under the
various plans appear in the following table based upon estimated net annual
interest income at the Date of Deposit:
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Normal
Distributions
Arizona Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 11/1 2/1 5/1 8/1
Distribution Date..................... 11/15 2/15 5/15 8/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .2728(1) $ 5.1729
-------- $.4308 every month --------
Quarterly Distribution Plan........... $ .2728(1) $ 1.3005(2) $ 1.3005 $ 1.3005 $ 5.2049
Semi-Annual Distribution Plan......... $ .2728(1) $ 2.6118(3) $ 5.2239
- --------------------------------------------------------------------------------------------------------------------
<FN>
* Record Dates for semi-annual distributions are May 1 and November 1; for quarterly distributions, they are February 1, May 1,
August 1 and November 1. Record Dates for monthly distributions are the first day of each month.
(1) The first distribution will be paid to all Unitholders, regardless of the distribution plan selected. Such distribution may
be more or less than a regular monthly distribution.
(2) Regular 3-month distribution.
(3) Regular 6-month distribution.
</TABLE>
+ Interest for Unitholders of this series began to accrue as of the Date of
Deposit. Units purchased on the Date of Deposit will have $.10 of accrued
interest that will be added to the Public Offering Price on the Settlement Date.
After provision for expenses of the Fund, the daily rate of accrual from the
Date of Deposit to the first Record Date is $.01436 per unit per day.
Consequently, on the first Record Date (11/01/94), accrued interest will total
$0.2728 per unit for the 19-day period. All interest accrued from the Date of
Deposit to the first Record Date, less expenses, will be distributed on the
first Distribution Date to Unitholders of Record as of the first Record Date.
The first payment to all Unitholders of Record on 11/01/94 is $.2728 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01436 Quarterly - $0.01445
Semi-Annual - $0.01451
This daily rate of accrual, and the annual distributions shown above, will
remain the same as long as the portfolio size and composition remain the same.
- --------------------------------------------------------------------------------
757
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 23.8 years.
The first bond is scheduled to mature in January, 2011, with the last bond
maturity being August, 2028.
- -------------------------------------------------------
BONDS INSURED BY MBIA Each bond in this Nuveen Insured series has been
insured* by the Municipal Bond Investors Assurance Corporation, which guarantees
timely payments of principal and interest. Premium payments have been fully paid
by the Date of Deposit.
- -------------------------------------------------------
CALL PROTECTION Bonds are first subject to optional redemption by the issuers
in the years and at the prices shown under the Redemption Provisions column in
the Schedule of Investments. Unless otherwise stated, in subsequent years, bonds
are redeemable at declining prices, but not usually below par value. Some issues
or some portions of issues may also be subject to sinking fund redemption or
extraordinary redemption without premium prior to the dates shown.
- -------------------------------------------------------
NO CHARGE FOR REDEMPTION The Trustee, United States Trust Company of New York,
will redeem units at net asset value. In addition, John Nuveen & Co.
Incorporated intends to maintain a secondary market for this Nuveen Tax-Exempt
Unit Trust. Inasmuch as all securities investments are subject to market price
fluctuation, net asset value at the time of redemption could be more or less
than the initial investment.
- -------------------------------------------------------
REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
- -------------------------------------------------------
UNITS OF THE TRUST ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED
BY, ANY BANK AND ARE NOT FEDERALLY INSURED OR OTHERWISE PROTECTED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY AND
INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.
- -------------------------------------------------------
* Insurance relates specifically to the bonds and not to the units or to the
market value of units. Terms of the insurance are more fully described in the
prospectus. No representation is made as to the insurer's ability to meet its
commitments. See Section 5 of the prospectus for details.
- -------------------------------------------------------
FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES AND
EXPENSES, ON THIS NUVEEN TAX-EXEMPT UNIT TRUST AND ANY OTHER NUVEEN FUND, CALL
YOUR BROKER . . . OR NUVEEN AT
1-800-257-8787
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
NEW JERSEY
INSURED
TRUST 181
Estimated Current Return
5.80% to 6.03%
as of 10/11/94
Estimated Long Term Return
5.90% to 6.14%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6706L6 463 Monthly Payment Option
6706L6 471 Quarterly Payment Option
6706L6 489 Semi-Annual Payment Option
Registered in New Jersey
John Nuveen & Co. Incorporated
Investment Bankers
<TABLE>
<S> <C>
Chicago: Atlanta
333 W. Wacker Dr. Austin
Chicago, Illinois 60606 Boca Raton
Telephone: 312.917.7700 Boston
Columbus
New York: Dallas/Ft. Worth
Swiss Bank Tower Irvine
10 East 50th Street Philadelphia
New York, New York 10022 Phoenix
Telephone: 212.207.2000 San Francisco
Seattle
Tampa
Washington, D.C.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
NUVEEN TAX-EXEMPT UNIT TRUST--INSURED, NEW JERSEY INSURED TRUST 181
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT OCTOBER 12, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Optional -----------------------
Aggregate Name of Issuer and Title of Issue Represented Redemption Standard
Principal by Sponsor's Contracts to Purchase Bonds Provisions & Poor's Moody's
<C> <C> <S> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------------
$ 500,000 New Jersey Economic Development Authority, Economic 2003 at 102 AAA Aaa
Development Revenue Bonds (Greater New York Councils, Boy
Scouts of America-1993 Project), 5.45% Due 9/1/23.
500,000 New Jersey Educational Facilities Authority, Revenue Bonds, 2004 at 102 AAA Aaa
New Jersey Institute of Technology Issue, Series 1994A,
6.00% Due 7/1/24.
500,000 New Jersey Health Care Facilities Financing Authority, 2004 at 100 AAA Aaa
Revenue Bonds, Jersey Shore Medical Center Obligated Group
Issue, Series 1994, 5.875% Due 7/1/24. (Original issue
discount bonds delivered on or about July 1, 1994 at a
price of 93.036% of principal amount.)
500,000 New Jersey Turnpike Authority, Turnpike Revenue Bonds, No Optional AAA Aaa
Series 1991C, 6.50% Due 1/1/16. Call
500,000 The Hudson County Improvement Authority Facility Lease 2002 at 102 AAA Aaa
Revenue Bonds (New Jersey) (Hudson County Lease Project,
Series 1992), 6.00% Due 12/1/25. (General Obligation
Bonds.)
500,000 The Pollution Control Financing Authority of Salem County 2004 at 102 AAA Aaa
(New Jersey), Pollution Control Revenue Refunding Bonds,
1994 Series C (Public Service Electric and Gas Company
Project), 6.20% Due 8/1/30.
500,000 Commonwealth of Puerto Rico, Public Improvement Refunding 2003 at 100 AAA Aaa
Bonds, Series 1993 (General Obligation Bonds.), 5.00% Due
7/1/21. (Original issue discount bonds delivered on or
about July 15, 1993 at a price of 90.01% of principal
amount.)
----------
$3,500,000
----------
----------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION
Sales charge/volume discount applies on all concurrent purchases of any Nuveen
trust units. Estimated Current Return equals net income divided by offering
price. Estimated Long Term Return represents an average of the yields to
maturity (or call) of the Bonds in the Trust adjusted to reflect expenses and
sales charges.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Current Return (2)
-----------------------------------------------------
AMOUNT PURCHASED Public
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 97.06 5.80% 5.83% 5.85%
500-999 50,000-99,999 4.75 96.90 5.81 5.84 5.86
1,000-2,499 100,000-249,999 4.50 96.65 5.82 5.86 5.88
2,500-4,999 250,000-499,999 4.25 96.40 5.84 5.87 5.89
5,000-9,999 500,000-999,999 3.50 95.65 5.89 5.92 5.94
10,000-24,999 1,000,000-2,499,999 3.00 95.15 5.92 5.95 5.97
25,000-49,999 2,500,000-4,999,999 2.50 94.67 5.95 5.98 6.00
50,000 and over 5,000,000 and over 2.00 94.18 5.98 6.01 6.03
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Long Term Return (3)
-----------------------------------------------------
AMOUNT PURCHASED Public
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 97.06 5.90% 5.93% 5.95%
500-999 50,000-99,999 4.75 96.90 5.90 5.94 5.96
1,000-2,499 100,000-249,999 4.50 96.65 5.92 5.96 5.98
2,500-4,999 250,000-499,999 4.25 96.40 5.93 5.97 5.99
5,000-9,999 500,000-999,999 3.50 95.65 5.98 6.02 6.04
10,000-24,999 1,000,000-2,499,999 3.00 95.15 6.01 6.05 6.07
25,000-49,999 2,500,000-4,999,999 2.50 94.67 6.05 6.08 6.10
50,000 and over 5,000,000 and over 2.00 94.18 6.08 6.12 6.14
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(1) As of the business day prior to the Date of Deposit. Units are offered at
the Public Offering Price plus accrued interest.
(2) All figures as of the business day prior to Date of Deposit. The estimated
current return for purchases made on such date will be as shown, as long as
the portfolio size and composition remain the same.
(3) In contrast to Estimated Current Return, Estimated Long Term Return reflects
the amortization of premium or accretion of discount, if any, on the bonds
in the Trust's portfolio.
- --------------------------------------------------------------------------------
INTEREST DISTRIBUTIONS TO UNITHOLDERS Unitholders may elect to have interest
distributions made on a monthly, quarterly, or semi-annual basis. Record Dates
are May 1 and November 1 for semi-annual distributions; February 1, May 1,
August 1 and November 1 for quarterly distributions; and the first of each month
for monthly distributions. Details of interest distributions per unit under the
various plans appear in the following table based upon estimated net annual
interest income at the Date of Deposit:
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Normal
Distributions
New Jersey Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 11/1 2/1 5/1 8/1
Distribution Date..................... 11/15 2/15 5/15 8/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .2969(1) $ 5.6295
-------- $.4689 every month --------
Quarterly Distribution Plan........... $ .2969(1) $ 1.4148(2) $ 1.4148 $ 1.4148 $ 5.6615
Semi-Annual Distribution Plan......... $ .2969(1) $ 2.8386(3) $ 5.6805
- --------------------------------------------------------------------------------------------------------------------
<FN>
* Record Dates for semi-annual distributions are May 1 and November 1; for quarterly distributions, they are February 1, May 1,
August 1 and November 1. Record Dates for monthly distributions are the first day of each month.
(1) The first distribution will be paid to all Unitholders, regardless of the distribution plan selected. Such distribution may
be more or less than a regular monthly distribution.
(2) Regular 3-month distribution.
(3) Regular 6-month distribution.
</TABLE>
+ Interest for Unitholders of this series began to accrue as of the Date of
Deposit. Units purchased on the Date of Deposit will have $.11 of accrued
interest that will be added to the Public Offering Price on the Settlement Date.
After provision for expenses of the Fund, the daily rate of accrual from the
Date of Deposit to the first Record Date is $.01563 per unit per day.
Consequently, on the first Record Date (11/01/94), accrued interest will total
$0.2969 per unit for the 19-day period. All interest accrued from the Date of
Deposit to the first Record Date, less expenses, will be distributed on the
first Distribution Date to Unitholders of Record as of the first Record Date.
The first payment to all Unitholders of Record on 11/01/94 is $.2969 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01563 Quarterly - $0.01572
Semi-Annual - $0.01577
This daily rate of accrual, and the annual distributions shown above, will
remain the same as long as the portfolio size and composition remain the same.
- --------------------------------------------------------------------------------
757
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 29.0 years.
The first bond is scheduled to mature in January, 2016, with the last bond
maturity being August, 2030.
- -------------------------------------------------------
BONDS INSURED BY MBIA Each bond in this Nuveen Insured series has been
insured* by the Municipal Bond Investors Assurance Corporation, which guarantees
timely payments of principal and interest. Premium payments have been fully paid
by the Date of Deposit.
- -------------------------------------------------------
CALL PROTECTION Bonds are first subject to optional redemption by the issuers
in the years and at the prices shown under the Redemption Provisions column in
the Schedule of Investments. Unless otherwise stated, in subsequent years, bonds
are redeemable at declining prices, but not usually below par value. Some issues
or some portions of issues may also be subject to sinking fund redemption or
extraordinary redemption without premium prior to the dates shown.
- -------------------------------------------------------
NO CHARGE FOR REDEMPTION The Trustee, United States Trust Company of New York,
will redeem units at net asset value. In addition, John Nuveen & Co.
Incorporated intends to maintain a secondary market for this Nuveen Tax-Exempt
Unit Trust. Inasmuch as all securities investments are subject to market price
fluctuation, net asset value at the time of redemption could be more or less
than the initial investment.
- -------------------------------------------------------
REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
- -------------------------------------------------------
UNITS OF THE TRUST ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED
BY, ANY BANK AND ARE NOT FEDERALLY INSURED OR OTHERWISE PROTECTED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY AND
INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.
- -------------------------------------------------------
* Insurance relates specifically to the bonds and not to the units or to the
market value of units. Terms of the insurance are more fully described in the
prospectus. No representation is made as to the insurer's ability to meet its
commitments. See Section 5 of the prospectus for details.
- -------------------------------------------------------
FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES AND
EXPENSES, ON THIS NUVEEN TAX-EXEMPT UNIT TRUST AND ANY OTHER NUVEEN FUND, CALL
YOUR BROKER . . . OR NUVEEN AT
1-800-257-8787
<PAGE>
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
NEW YORK
INSURED
TRUST 224
Estimated Current Return
5.88% to 6.11%
as of 10/11/94
Estimated Long Term Return
5.98% to 6.21%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6706H5 791 Monthly Payment Option
6706H5 809 Quarterly Payment Option
6706H5 817 Semi-Annual Payment Option
Registered in New York, Connecticut & Florida
John Nuveen & Co. Incorporated
Investment Bankers
<TABLE>
<S> <C>
Chicago: Atlanta
333 W. Wacker Dr. Austin
Chicago, Illinois 60606 Boca Raton
Telephone: 312.917.7700 Boston
Columbus
New York: Dallas/Ft. Worth
Swiss Bank Tower Irvine
10 East 50th Street Philadelphia
New York, New York 10022 Phoenix
Telephone: 212.207.2000 San Francisco
Seattle
Tampa
Washington, D.C.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
NUVEEN TAX-EXEMPT UNIT TRUST--INSURED, NEW YORK INSURED TRUST 224
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT OCTOBER 12, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Optional -----------------------
Aggregate Name of Issuer and Title of Issue Represented Redemption Standard
Principal by Sponsor's Contracts to Purchase Bonds Provisions & Poor's Moody's
<C> <C> <S> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------------
$ 500,000 Dormitory Authority of the State of New York, City No Optional AAA Aaa
University System Consolidated Second General Resolution Call
Revenue Bonds, Series 1993A, 5.75% Due 7/1/18.
500,000 New York State Housing Finance Agency, Service Contract 2003 at 102 AAA Aaa
Obligation Revenue Bonds, 1993 Series A, 5.50% Due
9/15/22. (Original issue discount bonds delivered on or
about March 18, 1993 at a price of 94.746% of principal
amount.)
500,000 New York Local Government Assistance Corporation (A Public 2004 at 101 AAA Aaa
Benefit Corporation of the State of New York), Series 1/2
1994A Bonds, 5.50% Due 4/1/23.
500,000 New York State Medical Care Facilities Finance Agency, 2004 at 102 AAA Aaa
Mental Health Services Facilities Improvement Revenue
Bonds, 1994 Series E, 6.50% Due 8/15/24. (General
Obligation Bonds.)
500,000 The City of New York (New York), General Obligation Bonds, 2002 at 101 AAA Aaa
Fiscal 1993 Series B, 6.75% Due 10/1/17. 1/2
500,000 New York City (New York), Municipal Water Finance Authority, 2004 at 101 AAA Aaa
Water and Sewer System Revenue Bonds, Fixed Rate Fiscal
1994 Series B, 5.50% Due 6/15/19.
500,000 Metropolitan Transportation Authority, New York, Commuter 2004 at 101 AAA Aaa
Facilities Revenue Bonds, Series 1994A, 6.50% Due 7/1/24. 1/2
----------
$3,500,000
----------
----------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION
Sales charge/volume discount applies on all concurrent purchases of any Nuveen
trust units. Estimated Current Return equals net income divided by offering
price. Estimated Long Term Return represents an average of the yields to
maturity (or call) of the Bonds in the Trust adjusted to reflect expenses and
sales charges.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Current Return (2)
-----------------------------------------------------
AMOUNT PURCHASED Public
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 98.03 5.88% 5.91% 5.93%
500-999 50,000-99,999 4.75 97.88 5.89 5.92 5.94
1,000-2,499 100,000-249,999 4.50 97.62 5.90 5.94 5.95
2,500-4,999 250,000-499,999 4.25 97.37 5.92 5.95 5.97
5,000-9,999 500,000-999,999 3.50 96.61 5.96 6.00 6.02
10,000-24,999 1,000,000-2,499,999 3.00 96.11 6.00 6.03 6.05
25,000-49,999 2,500,000-4,999,999 2.50 95.62 6.03 6.06 6.08
50,000 and over 5,000,000 and over 2.00 95.13 6.06 6.09 6.11
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Long Term Return (3)
-----------------------------------------------------
AMOUNT PURCHASED Public
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 98.03 5.98% 6.01% 6.03%
500-999 50,000-99,999 4.75 97.88 5.99 6.02 6.04
1,000-2,499 100,000-249,999 4.50 97.62 6.01 6.04 6.06
2,500-4,999 250,000-499,999 4.25 97.37 6.02 6.05 6.07
5,000-9,999 500,000-999,999 3.50 96.61 6.07 6.10 6.12
10,000-24,999 1,000,000-2,499,999 3.00 96.11 6.10 6.13 6.15
25,000-49,999 2,500,000-4,999,999 2.50 95.62 6.13 6.16 6.18
50,000 and over 5,000,000 and over 2.00 95.13 6.16 6.19 6.21
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(1) As of the business day prior to the Date of Deposit. Units are offered at
the Public Offering Price plus accrued interest.
(2) All figures as of the business day prior to Date of Deposit. The estimated
current return for purchases made on such date will be as shown, as long as
the portfolio size and composition remain the same.
(3) In contrast to Estimated Current Return, Estimated Long Term Return reflects
the amortization of premium or accretion of discount, if any, on the bonds
in the Trust's portfolio.
- --------------------------------------------------------------------------------
INTEREST DISTRIBUTIONS TO UNITHOLDERS Unitholders may elect to have interest
distributions made on a monthly, quarterly, or semi-annual basis. Record Dates
are May 1 and November 1 for semi-annual distributions; February 1, May 1,
August 1 and November 1 for quarterly distributions; and the first of each month
for monthly distributions. Details of interest distributions per unit under the
various plans appear in the following table based upon estimated net annual
interest income at the Date of Deposit:
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Normal
Distributions
New York Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 11/1 2/1 5/1 8/1
Distribution Date..................... 11/15 2/15 5/15 8/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .3040(1) $ 5.7618
-------- $.4800 every month --------
Quarterly Distribution Plan........... $ .3040(1) $ 1.4481(2) $ 1.4481 $ 1.4481 $ 5.7938
Semi-Annual Distribution Plan......... $ .3040(1) $ 2.9052(3) $ 5.8128
- --------------------------------------------------------------------------------------------------------------------
<FN>
* Record Dates for semi-annual distributions are May 1 and November 1; for quarterly distributions, they are February 1, May 1,
August 1 and November 1. Record Dates for monthly distributions are the first day of each month.
(1) The first distribution will be paid to all Unitholders, regardless of the distribution plan selected. Such distribution may
be more or less than a regular monthly distribution.
(2) Regular 3-month distribution.
(3) Regular 6-month distribution.
</TABLE>
+ Interest for Unitholders of this series began to accrue as of the Date of
Deposit. Units purchased on the Date of Deposit will have $.11 of accrued
interest that will be added to the Public Offering Price on the Settlement Date.
After provision for expenses of the Fund, the daily rate of accrual from the
Date of Deposit to the first Record Date is $.01600 per unit per day.
Consequently, on the first Record Date (11/01/94), accrued interest will total
$0.3040 per unit for the 19-day period. All interest accrued from the Date of
Deposit to the first Record Date, less expenses, will be distributed on the
first Distribution Date to Unitholders of Record as of the first Record Date.
The first payment to all Unitholders of Record on 11/01/94 is $.3040 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01600 Quarterly - $0.01609
Semi-Annual - $0.01614
This daily rate of accrual, and the annual distributions shown above, will
remain the same as long as the portfolio size and composition remain the same.
- --------------------------------------------------------------------------------
757
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 26.8 years.
The first bond is scheduled to mature in October, 2017, with the last bond
maturity being August, 2024.
- -------------------------------------------------------
BONDS INSURED BY MBIA Each bond in this Nuveen Insured series has been
insured* by the Municipal Bond Investors Assurance Corporation, which guarantees
timely payments of principal and interest. Premium payments have been fully paid
by the Date of Deposit.
- -------------------------------------------------------
CALL PROTECTION Bonds are first subject to optional redemption by the issuers
in the years and at the prices shown under the Redemption Provisions column in
the Schedule of Investments. Unless otherwise stated, in subsequent years, bonds
are redeemable at declining prices, but not usually below par value. Some issues
or some portions of issues may also be subject to sinking fund redemption or
extraordinary redemption without premium prior to the dates shown.
- -------------------------------------------------------
NO CHARGE FOR REDEMPTION The Trustee, United States Trust Company of New York,
will redeem units at net asset value. In addition, John Nuveen & Co.
Incorporated intends to maintain a secondary market for this Nuveen Tax-Exempt
Unit Trust. Inasmuch as all securities investments are subject to market price
fluctuation, net asset value at the time of redemption could be more or less
than the initial investment.
- -------------------------------------------------------
REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
- -------------------------------------------------------
UNITS OF THE TRUST ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED
BY, ANY BANK AND ARE NOT FEDERALLY INSURED OR OTHERWISE PROTECTED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY AND
INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.
- -------------------------------------------------------
* Insurance relates specifically to the bonds and not to the units or to the
market value of units. Terms of the insurance are more fully described in the
prospectus. No representation is made as to the insurer's ability to meet its
commitments. See Section 5 of the prospectus for details.
- -------------------------------------------------------
FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES AND
EXPENSES, ON THIS NUVEEN TAX-EXEMPT UNIT TRUST AND ANY OTHER NUVEEN FUND, CALL
YOUR BROKER . . . OR NUVEEN AT
1-800-257-8787
<PAGE>
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
